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Tesla no longer accepts Bitcoin due to climate impact

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Re: Tesla no longer accepts Bitcoin due to climate impact

#211

Post by simondotau »

kaba0 wrote: post #201
simondotau wrote: post #150

Earlier quoted context omitted.

Why is it clever to tank an asset that they own? How did the 12% drop benefit Tesla? You're not making any sense.

Perhaps because only that amount could be sold for a good enough price? Someone has to buy it and a sudden increase in supply will drive the price down, that amount is not a single transaction with fixed price.

None of that was an answer to any of my questions. Specifically, how did talking down Bitcoin benefit Tesla? I don't understand how that move plays into Tesla's hands.

Re: Tesla no longer accepts Bitcoin due to climate impact

#212

Post by [deleted] »

KirillPanov wrote: post #137
x3sphere wrote: post #63

Earlier quoted context omitted.

Sure, but none of it makes any sense. I have to imagine the decision to buy Bitcoin and accept it as payment was vetted by a lot of people internally, not just Musk himself. And the environmental impacts from mining are well known. Musk isn’t stupid either - he must’ve known this would be an issue for Tesla’s image.

It all makes perfect sense if they in fact want to buy more bitcoin at the moment. There has been a whole lot of very, very ugly inflation data released over the last few days. This would explain why they refrained from selling before making an announcement which they surely knew would (and did: -10%) tank the BTC/USD rate.

[deleted]

Re: Tesla no longer accepts Bitcoin due to climate impact

#214

Post by bluescrn »

simondotau wrote: post #150
rvz wrote: post #103

Earlier quoted context omitted.

> Except they still own a ton of Bitcoin No where in my sentence suggested they sold all of it. > so I don’t see how selling a tiny bit of it could be described as “to perfection” Telsa did not lose any money from their BTC investment and are still up >40%. At that time, they (and others on Twitter) caused a run up in the crypto markets to drive the BTC price up to new all time highs and got out a large profit even b…

Why is it clever to tank an asset that they own? How did the 12% drop benefit Tesla? You're not making any sense.

A 12% drop isnt ‘tanking Bitcoin’, it’s barely more than normal daily fluctuations in the crazy casino of crypto.

Re: Tesla no longer accepts Bitcoin due to climate impact

#215

Post by robertlagrant »

zdkl wrote: post #99
epgui wrote: post #75

Earlier quoted context omitted.

Sure, but a basic rule of civility is that you should "assume good faith" and give others the benefit of the doubt when the good faith explanation is plausible.

That assumption of good faith works (mostly) for individuals. It does or should not extend to for profit corporations.

Please don't think "for profit" is evil. It's just normal. You can find enormous negative things about all financial structures.

Re: Tesla no longer accepts Bitcoin due to climate impact

#216

Post by arss »

swinglock wrote: post #132
tromp wrote: post #59

Earlier quoted context omitted.

> Dogecoin has exactly the same energy spending incentives as Bitcoin. While the incentives are the same, Dogecoin has roughly 7.4x lower energy requirements than Bitcoin currently, so accepting Dogecoin instead of Bitcoin is a tad less offensive.

Only because it's not used. This is like arguing we should switch from using cars currently on the road because they use energy, to cars currently standing in a garage, because we measured and clearly the parked cars use less energy than the cars on the road. It's not even hyperbole, it's precisely equivalent and just as boneheaded as it sounds.

This is not true. Dogecoin is way lower KW per hash than bitcoin. Dogecoin is .12 and bitcoin is 707 https://www.trgdatacenters.com/most-environment-friendly-cry...

Re: Tesla no longer accepts Bitcoin due to climate impact

#217

Post by throwaway4good »

Negitivefrags wrote: post #46
arcticbull wrote: post #10

So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…

When Tesla announced the initial move they received a huge amount of push back for the environmental concerns. And it didn’t look good for an EV company of all things. There is a trend I’ve seen of a company making a decison, everyone hating on them for it, then they reverse the decision, and they are still criticised. If a company turns around and reverses a decision citing the very reasons they were criticised for…

Elon is clearly driving up the price of proof of work cryptocurrencies. The environmental impact of these is directly related to their price.

Re: Tesla no longer accepts Bitcoin due to climate impact

#218

Post by [deleted] »

arcticbull wrote: post #10

So far, Elon/Tesla: 1. Bought a bunch of Bitcoin. 2. Announced they were going to accept Bitcoin, sending the price up. 3. Sold a bunch of Bitcoin to pad out otherwise poor earnings, citing their goal of "testing liquidity of the market." 4. Announced they were going to stop accepting Bitcoin, sending the price plummeting. As though he didn't know the environmental impact a week ago? As though he didn't check for liq…

[deleted]

Re: Tesla no longer accepts Bitcoin due to climate impact

#219

Post by lovetocode »

adh636 wrote: post #47
Draken93 wrote: post #38

Earlier quoted context omitted.

The whole situation is completly different. There are way better alternative technologies then Bitcoin. But there is no electric car with < then 0.1% of the energy consumption of a tesla.

How about mass transit, bicycles, running, walking. Lets stop using airplanes and use blimps instead. Maybe there are benefits to using energy? Energy usage is how society and technology advances.

Mass transit isn’t available to everyone. They don’t even have buses where I live.

Re: Tesla no longer accepts Bitcoin due to climate impact

#220

Post by kaba0 »

simondotau wrote: post #173
isatty wrote: post #112

Earlier quoted context omitted.

A company as big as as TSLA has people on payroll to figure that out. If they don’t, then it’s still on them. You think this is WSB where I see a ticker, strike and expiry and I’m in with my life savings?

I think you're a touch over-optimistic if you think that all large companies always consider every possible ramification of every decision to its fullest extent prior to acting. Personally I think Tesla's (and Elon's, and for that matter everyone's) involvement with cryptocurrency as a serious investment is moronic, driven almost entirely by sci-fi daydreaming rather than by actual principles. But my opinion doesn't…

It’s a typical pump-and-dump+market manipulation decision in an unregulated market so it is legal, and highly profitable. It’s not a bad investment, only a moral failing.
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